April 5, 2020 / 3:14 PM / 3 months ago

Spain calls for Marshall plan, European debt mutualisation - newspaper

FRANKFURT, April 5 (Reuters) - Europe needs debt mutualisation and a common Marshall plan to recover from the coronavirus pandemic, Spanish Prime Minister Pedro Sánchez told German newspaper Frankfurter Allgemeine Zeitung on Sunday.

The Marshall Plan was an aid programme initiated by the United States in 1948 to help countries in Western Europe recover after World War Two.

Europe in the medium term needs a “new mechanism for debt mutualisation”, Sánchez told the paper. “If the virus makes no halt for borders, then financing mechanisms cannot do this either”, Sánchez said.

Germany, among other nations, has long been opposed to jointly issuing debt with other European nations, arguing that it would stop individual countries from pursuing structural reforms. (Reporting by Edward Taylor)

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